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Singapore retail sales rebound as Covid impact wanes

(Source: Matthew Henry from Burst )

Singapore retail sales bounced back in March as the city state continued to ease Covid-related trading restrictions. 

Excluding motor vehicles, sales were up 13.4 per cent, compared with a 1.9-per-cent decline in February. 

Statistics Singapore said March’s increase was partly attributed to larger growth in industries such as computer and telecommunications equipment, apparel and footwear, and cosmetics, toiletries and medical goods.

Online retail sales comprised about 17.4 per cent of Singapore’s retail turnover (excluding vehicles) of S$3.3 billion (US$2.4 billion). 

“The higher online retail sales proportion was attributed to more online sales recorded during promotional events in March,” Statistics Singapore said. 

Online sales of computers and telecommunications equipment accounted for 51 per cent of the total category turnover. In the furniture and household equipment category, online accounted for 33.6 per cent. 

Meanwhile, sales of food & beverage services grew by 4.7 per cent year on year in March, a significant turnaround from February’s 0.7-per-cent decline. On a seasonally adjusted basis, sales rose 8 per cent month on month.

Of the $806 million (US$585 million) in food & beverage services turnover, online sales including apps, accounted for 30.4 per cent, a similar figure to February.

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